Always be on guard when running your business

[maknyos]

We can't put 100% trust in others, and even our own families. In business, there's money involved, and we know that money is a very sensitive aspect of life. There's a saying that goes, "Money is the cruelest breaker of ties," and yes, it's true. It's not once or twice that I've heard of friendships falling apart just because of money, and even family ties can be severed.
What you experienced is a valuable lesson. It can be a lesson for everyone that in running a business, we shouldn't completely trust others.

If someone is involved, this is very dangerous, and don't trust them completely, because many people will slowly bite you, acting like wolves in sheep's clothing.

This is the importance of building a system that is not easily manipulated by anyone in our business, especially in financial matters. This will allow you to manage everything that might be exploited by your employees. You can monitor it properly without any nepotism, corruption, or worse, by your employees.

There's a lot to consider, because even if they continue to carry out their duties well and responsibly, we never know whether our relationship will remain amicable in the future. I've heard of several cases where an employee can put a company in a bad situation after one of them leaks company secrets because they were fired from the company.
This can happen to anyone, even if the business isn't that big, but when an employee leaks important information, it can certainly be problematic.

[Iroh]

Even your own family can betray you, how much more for a total stranger. This is the reason why if you want to maximize the success of your business, manage it on your own. That way, you'll be sure your business won't be gained advantage by other people.

Just know the fact that when money is directly involved, the chances of stealing is high, and worst is, the person you trusted so much to work on your business is the very first  person who will attack you and mess up with your hard-earned funds. So never entrust easily your business to other person.

As a startup business that's small, it can be possible for you to manage your business all by yourself. But as your business grows and more people are in need of your services, you've just got to hire some people to help you run the business. As your business transforms into a large scale one, you'll be overwhelmed and would seek out someone to help manage the business.
As an employer, there are certain tests that you can put to the applicants for the job. Tests that are not academic related and are done to get a feel of the applicants character and thoughts on important things. Notwithstanding, the threat of one or two of your employees being oblivious or not and sabotaging your business is real.

[Jatiluhung]

Well, we must always be careful or vigilant in running any business. And we must even remain in a situation where we don't always have to trust anyone, even if it's our own friends.

When it comes to financial matters, there is always a higher risk of fraud and other issues. We must be even more selective in choosing employees when our company needs to hire someone.
This is why it is important for us to understand disciplines such as physiognomy or semiotics and the like, so that we can gauge whether an employee appears to have good or bad potential during a job interview. Although it is still difficult to accurately gauge a person's true character, at least we can reduce the risk of hiring someone who cannot be trusted. However, regardless of all that, the most challenging aspect remains running a business to survive in competition with similar businesses competing in the market.

[Findingnemo]

Automate the process, with the help of AI it is not easier and try to create a hierarchy and you have to be at the top no matter how skillful your employees you hire to run and manage the business because at the end we only care about making the business profitable and everyone is going to concentrate on their salary and how to find a better paying job if possible.

[puloweh555]

This risk is preventable, and the only person who can prevent it is ourselves as business owners. I realize that we might want to be more relaxed by hiring others and giving them our full trust, but that also carries the risk that those we trust could betray us.
So, as long as we can still manage it, we can manage it ourselves with the help of the people we hire.

Some people have various establishments that it would be very difficult for them to manage it themselves, hence they hire managers but they still exert control of various sorts to prevent their business from being wrecked like putting daily spending limits and subject the companies to constant auditing and reporting which the owner reviews and balances at leisure time to validate authenticity of operations and financial dealings.

So in conclusion, I've come to the conclusion that prioritizing business with more competent people with a strong track record is crucial especially when selecting employees and managers within our company. They also meet the criteria needed for the future of our business.

If a conflict arises employees should understand how to make decisions objectively not subjectively. They should be able to separate personal and professional matters. Most importantly they should have a vision values, and integrity that align with our company's.

[Cheema02]

If you begin with suspicion all the time, even good people tend to be uncomfortable. Whether it's family or somebody outside of family, if you think that they can steal from the get-go, then this relationship is not going to work out. If there's no trust it's difficult to give responsibility. In my opinion balance is the key here. Don't trust blindly and don't be afraid of everything too. When you're given a job opportunity, people get the opportunity to prove themselves. Money changes people but when someone's insides are already like that, it comes out when they are under pressure, So understanding people over time and gradually increasing responsibility is the most realistic solution.

Your point is very positive about trust we should be nutral about trust on any individual and not gone to extreme level. In many cases we remain suspicious about an individual and we pushes even honest people away and some time we trust on a person blindly and ignore reality which invites risk. In practical life we not manage our daily routine with out trust and with out it we don't grow. At the same time we should let our operation with wisdom and be aware while trusting on strangers. To judge a person we should observe responsibilities of an individual over time because money or pressure doesn't create behavior it exposed what actually going inside a person. If a person pay responsibilities with time it's mean he is sincere with you  and step by step trust is built and people feel respected. So the learning point is that balance approach protects relationship.

[Hypnosis00]

That's the best thing we can do, than to completely rely the outcome of the business to the other person around. Even if you can't make it being present to your business 24/7 but as long as you keep monitoring your business and safeguard especially on the financial matters, the chances of getting tricked or deceived by your own staff will less likely to happen.

Just so you know, no matter how you trust the person, the fact that he isn't your business partner, then you should never be confident on entrusting everything to the person because betrayal is close to happen especially if that is his intention from the very first place.

[serjent05]

It is an SOP to always guard our business.  There is no one to do that for us except ourselves.  People are susceptible to corruption, even our most trusted friend can be tempted to steal or cheat us on the income of our business if we just let them manage it.

This is one of the major reasons whythe  owner should be hands-on in their business because we never know when our trusted people will start to steal or money.  Besides monitoring the financial flow of the business will give us a clear view whether our business is profiting or not.

[Maslate]

There's no point on establishing a business when you are not capable to be on guard on running your business. This is the most common reason why no matter how successful the business seems, it suddenly ended up into bankruptcy and close its operation.

Its not on the owner how he tries to handle the business and the profits, but its on the person taking charge in it how he managed the business that ended up as a failure from a very successful business before he took place to run the business.

[Cookdata]

Automate the process, with the help of AI it is not easier and try to create a hierarchy and you have to be at the top no matter how skillful your employees you hire to run and manage the business because at the end we only care about making the business profitable and everyone is going to concentrate on their salary and how to find a better paying job if possible.

There is much at stake when you automate some system. Have you thought about hack and exploit? I don't trust most of this AI things yet, they can be flaw and override to steal money that is worse than what human can loss in a single they. I'm not sure if it's possible to hack some people that has the understanding of cyber security and how to avoid hacks. Human stands a good chance of less exploit than some of this AI things.

You remembered how Defi protocols trend back then. I don't thing there is one Defi system that was created in crypto that wasn't exploit, hacks hre and there, millions moved through different protocols later channeled to mixers and the rest, I still don't trust this AI automation.

Back to Armstrong, I don't believe a single word from that guy. The only favor the guy is enjoying ever since Coinbase was create is the fact that his business is based in US, if the business were to be in a country that are threats or not friendly to US, he should be in jail by now. The story of employees doing some shady things behind since could be fabricated to make the public think they are taking action against illegitimate behavior but he should let us know about wash insider traders on coinbase, maybe he is the enabler and trying to shift attention to innocent workers.

[Kelvinid]

Well, we must always be careful or vigilant in running any business. And we must even remain in a situation where we don't always have to trust anyone, even if it's our own friends.

When it comes to financial matters, there is always a higher risk of fraud and other issues. We must be even more selective in choosing employees when our company needs to hire someone.
This is why it is important for us to understand disciplines such as physiognomy or semiotics and the like, so that we can gauge whether an employee appears to have good or bad potential during a job interview. Although it is still difficult to accurately gauge a person's true character, at least we can reduce the risk of hiring someone who cannot be trusted. However, regardless of all that, the most challenging aspect remains running a business to survive in competition with similar businesses competing in the market.

If possible, the one handling the financial aspect should be part of the family, so that the act of fraudulence and other money issues, if not avoided, at least it will be minimized.

If we notice, no matter how big the company is and the hired staffs are large in number, but when it comes to handling the finances, its always the owner or the part of the family that is assigned there, as its hard to trust another person with regards to financial matters.

[Somto9Light]

Even your own family can betray you, how much more for a total stranger.

You know sometimes it surprises me when I see people trusting a stranger completely when we hardly trust our Loved ones talk more of total stranger, although most of this people must have work with those strangers for a very long time probably decade. So they have got to know the things they could do and the ones they can't, I believe such people are still in existence rather they are very hard to get.

This is the reason why if you want to maximize the success of your business, manage it on your own. That way, you'll be sure your business won't be gained advantage by other people.

This can only be possible for those that only have one particular source of income, as for those that has different source of income they would definitely need an employee because they can't run the whole business by themselves. So the only thing I could say is we should be very mindful with the kind of people will employe.

[lornadane]

Sometimes it really surprises me how easily people trust total strangers, when in reality we don’t even trust our own family 100%. That said, in some cases those “strangers” have worked together for many years, maybe even a decade, so they already understand each other’s limits and capabilities. People like that still exist, but they’re very rare.

[Rain1620]

This is an era where every business owners should acquire managerial skills to minimize the dependence on your employees and boost your intellect on fund management.
Trusting an employee is somehow a risk that yields result but predictions can’t be made if the result will be negative.
for a business owner protecting his business and finances, there should be another source to hold on to (to get funds)if there are any form of fraud or issues resulting from the incompetence of the  employees, to keep the business going and avoid bankruptcy

[alankasman]

You know sometimes it surprises me when I see people trusting a stranger completely when we hardly trust our Loved ones talk more of total stranger, although most of this people must have work with those strangers for a very long time probably decade. So they have got to know the things they could do and the ones they can't, I believe such people are still in existence rather they are very hard to get.

That's true. Because even today, many people still trust strangers, so we prioritize others or strangers over those around us. Some even have less trust in our own circle. When this happens, it can be quite a problem, considering that a stranger we fully trust, even when we no longer have power, will certainly have no loyalty whatsoever to that stranger.
And things like this still happen a lot among us today, and we often see this because initially, sometimes we lack trust in people we still consider our own family. But when they make a mistake, we quickly make the decision to revoke the trust we once had in that family

[junder]

Greed for money is the biggest greed. When a person creates a business as a capital of the money earned in his entire life, it is considered as a title for his future life. In that case, if a dishonest person is appointed in that business establishment, then the business cannot be expected to improve by him. Therefore, if someone has to be appointed to manage the business, then the ethics and trustworthiness of that person should definitely be observed. A trustworthy person uses his brain for the progress of the business and never neglects his responsibilities. Honestly, this is why I agree with you. If someone has to be appointed in any business establishment, then he must be trustworthy.

Yes, if the business we run really needs help, then we have no choice but to recruit other people to help, but the problem lies in the selection, we have to be smart in choosing people who can be trusted because after all, we can only see from the outside, the rest we can only guess and predict. If I have a business, I will do it myself, but if it is time to recruit others, there is no other choice but to do it.

[davis196]

Is the story of your parents somehow related to the Coinbase case? It seems that the two stories have nothing to do with each other.
I've heard multiple horror stories about bank clerks stealing funds from people's bank accounts. Having money in a bank is no different than having crypto in a centralized crypto exchange like Coinbase. The government claims that the money in your bank account are guaranteed, but I don't believe in such promises. Sorry about your parents and their business. Having a hired manager to take care of your business can be very risky, if you don't control him 24/7.